Absa Bank Kenya has partnered with financial and payment cards company Visa to launch a domestic and cross-border remittance service that will allow seamless person-to-person money transfers and persons-to-businesses payments via the Visa Global network.
The service, dubbed Absa Visa Send Money, will allow Absa debit and credit cardholders to transfer funds from their Visa Card accounts to any overseas or domestic Visa debit, credit, or prepaid cards via the USSD and Absa mobile banking app.
The maximum transaction value under the partnership is capped at Ksh 1 million, for both domestic and international transactions. All transactions will be digital and will be facilitated via Visa Global networks that eliminate the need to go to a bank branch.
“With the rise of digital payments, this partnership strives to bring digital-first solutions and we will continue to provide services that meet our consumers’ increasing expectations for seamless and secure ways to move money globally.” says Absa Bank’s Managing Director Jeremy Awori, who described the solution as a game changer in cross-border money transfers.
According to Vice President and General Manager for Visa, East Africa, Corine Mbiaketcha, the solution is a simple, fast and a secure way for individuals to transfer funds directly to eligible Visa debit and prepaid accounts.
The latest data from the Central Bank of Kenya shows that diaspora remittance inflows to Kenya in May 2022 totalled US$ 339.7 million compared to US$ 315.8 million in May 2021, a 7.6 per cent increase. The US remains the largest source of remittances into Kenya, accounting for 57% in May 2022.
READ; CBK Reports a 7.6% Rise in Diaspora Remittance to $ 339.7m in May
